Examples of grace period in a Sentence
The terms of the loan allow for a ten-day grace period.
Recent Examples of grace period from the Web
Subscribers may also be able to extend their access slightly by leaving their console in Offline mode, using a 30-day grace period before the service requires a server check to maintain access.
Trump could impose sanctions on Iran’s central bank, targeting oil exports, then would give those doing business with Iran a six-month grace period to wind down business and avoid running into problems with the sanctions.
Though a few of the startups, including TrueDime, did not announce specific plans to raise money or partner with local carriers, all 10 have a grace period of a few months to finish their work from the program.
Homes with more than three dogs would not be grandfathered in, but would receive a grace period.
Both types of loans typically offer a six-month grace period to begin paying them back.
Because of the severity of the flu epidemic this year, Duke officials have ordered an indefinite grace period to allow students to clear out.
District officials first opposed granting developers any break, saying preliminary estimates projected up to $18.5 million in lost revenue with a two-year grace period.
But the grace period ends on April 20 and the rule will be enforced.
These example sentences are selected automatically from various online news sources to reflect current usage of the word 'grace period.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.
Financial Definition of GRACE PERIOD
What It Is
A grace period is a period of time, usually about 10 days, during which a past due amount can be paid with little or no penalty.
How It Works
Let's assume your credit card payment is due on December 15. You forget to make the payment. On December 20, you remember. By then, though, it's too late. Your bill is past due.
However, if your account has a grace period, you can make the payment and the creditor might not assess a late fee or other penalty.
Why It Matters
Past-due bills often incur late fees, higher interest rates, penalties and other charges. Worst of all, the creditor might report the late payment to the credit reporting agencies, leaving a black mark on your credit rating (and even lowering your credit rating). In some cases, a bill get so past due (say, 90 or 180 days), that the creditor considers the account in default and may charge off the balance. A grace period gives customers a chance to catch up quickly before it's too late. After that point, the lender might assign or sell the account to a collection agency, which will try to collect the balance.
GRACE PERIOD Defined for English Language Learners
Definition of grace period for English Language Learners
: an amount of extra time that someone is given to pay a bill, finish a project, etc.
legal Definition of grace period
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